After the regulatory sandbox system, introduced by the Moon Jae-in government for regulatory innovation in 2019, was implemented, a total of 632 tasks were approved as special cases for demonstration. Of these, 129 cases, or 20%, completed regulatory improvement through the revision of laws.
In addition, 361 of the 632 approval tasks started the service, increasing sales by 150 billion won by the end of last year and succeeding in attracting about 4.8 trillion won in investment. About 6300 jobs were created.
According to the Office of Government Policy Coordination on the 19th, the regulatory sandbox, which has been in effect for three years, has been evaluated as a representative platform for the Moon Jae-in government’s regulatory innovation.
In the regulatory sandbox, when companies are trying to launch innovative businesses using new technologies such as autonomous vehicles, drones, AI, and biotechnology, but are unable to launch them in the market due to current regulations, the regulatory sandbox temporarily suspends the regulations to provide testing opportunities in the market and ensure business safety. It is a system that allows verification of and validity.
The regulatory sandbox system is being implemented in six fields: ICT convergence, industrial convergence, innovation finance, special regulatory free zone, smart city, and special R&D zone. Starting with the National Assembly hydrogen charging station, it is noteworthy that various services such as demand-response buses, wireless car updates, and loan comparison platforms were created.
In addition to attracting investment, increasing sales, and creating jobs, 29 special regulation-free zones, such as liquid hydrogen, electric vehicle charging, and autonomous driving, designated in 14 cities and provinces outside the metropolitan area, stimulated the local economy.
Institutions such as the Special Research and Development Zone Promotion Foundation, Korea Industrial Technology Promotion Agency, Korea Fintech Support Center, Small and Medium Venture Business Corporation, Small and Medium Business Research Institute, Land, Transport Science and Technology Promotion Agency, and Information and Communication Industry Promotion are actively implementing the regulatory sandbox system to companies. Guidance and consulting support from application to approval.
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The government plans to further develop the regulatory sandbox system, such as setting a deliberation deadline for application projects, revising regulatory laws as soon as possible after the completion of the demonstration project, and strengthening support for the performance creation of approved companies, rather than resting on the achievements of the past three years.
An official from the Office of National Affairs said, “We will do our best to make the regulatory sandbox a reliable platform that supports the development of new industries for innovative companies in the era of the 4th industrial revolution.”
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